News

Wharf £700m project blocked

The former Nissan UK director who spent four years in jail after being found guilty of one of Britain's biggest tax frauds is blocking a £700m skyscraper development at Canary Wharf.

Michael Hunt and fellow private property investor, Michael Gross, own a "ransom strip" - a piece of land vital to a project but not owned by its developer - at Heron Quays, east London. They have demanded £25m each from Canary Wharf to sell it.

The pair rejected an offer of £5m a piece for the land in December 2006. Since then, property prices have plummeted and they also rejected a reduced offer from Canary Wharf in January.

Tower Hamlets council said at the start of the year that it would issue proceedings to carry out a compulsory purchase of the land from Hunt and Gross to enable the 1.25m sq ft office scheme, designed by Lord Rogers, to go ahead.